Saipem Teams Up With Xodus, Chiyoda in Subsea Field Development Sector
Saipem unveiled on Thursday its intentions to team up with Xodus Group and Japan’s Chiyoda Corporation. They already established a standalone company named Xodus Subsea, aiming to tap opportunities in the growing subsea field development sector.
‘Xodus Subsea will provide studies, engineering and consultancy services focusing mainly on the early phase of the projects, such as front end engineering, conceptual studies, and basic design,’ reads a note released by the company controlled by Eni.
Italy’s Saipem expects the new Xodus Subsea to become a major player at the high end of engineering.
“We are very pleased to announce the founding of Xodus Subsea with Chiyoda, already a partner of Saipem in the LNG sector, and Xodus Group which has strong expertise in subsea engineering. We believe that the subsea sector is continuing to grow and through this partnership, Saipem will gain an early understanding on how future projects are being developed,” Umberto Vergine, Saipem CEO, commented.
Saipem is the main shareholder with 50%, the rest being controlled by Xodus (40%) and Chiyoda (10%). Chiyoda also holds a majority stake in Xodus.